New US Legislation Makes Online Sportsbook and Casino Operators Squirm
New US Legislation is a potential rude awakening for offshore online gaming operators – a direct interruption of their profits on a devastating scale along with increased potential indictments in cases of violations.
San Jose, Costa Rica (PRWEB) July 13, 2006 -- New US Legislation Makes Gaming Operators Squirm
It is official. On July 11, 2006, the US House of Representatives passed new legislation, Bill H.R. 4411, that "prohibits the use of certain payment instruments, credit cards, and fund transfers for the purpose of unlawful Internet gambling, and for other purposes." This means that any online gaming operation that is operating through or working with US-based financial institutions are in for a rude awakening – a direct interruption of their profits on a devastating scale along with increased chances of potential indictments in cases of violations.
What does this mean for the Internet gaming industry? Ron Z. Mendelson, recognized offshore business & online gaming expert and director of offshoreXplorer.com, explains, "It is even more crucial than ever for online gaming operators to ensure they have properly planned and structured their offshore online gaming business. This is particularly true for US citizens who are involved in the online gaming industry. If the operations are not properly set up they may be able to do nothing except sit by and watch their profits dry up and/or face grand jury indictments."
Setting up an offshore online gaming operation properly is important for a number of reasons. "We knew it was a matter of time before sustainability would become a challenge for businesses that were not offshore," says Mendelson, "Particularly in the gray-area businesses such as the online gaming industry. Now it is a reality."
Oprators who don’t reduce and mitigate the exposure, risks, liabilities, etc… that are associated with the online gaming industry will not be able to protect their assets, personal and corporate nor their operations. Offshore companies, trusts and financial institutions do not fall under US legislation and are viable alternatives to their US-based counterparts. There are a number of countries in which an offshore operation can find a welcome home and setting up a properly structured, fully functional offshore operation is the only option now in light of the legislation just passed in the US.
If you are involved in the online gaming industry, rest assured there are options. Ron Z. Mendelson officially invites every online gaming operator world wide to contact offshoreXplorer.com. "As the foremost experts in the offshore business and financial field, we can ensure they have in place the most protection possible to ensure they remain unscathed by the recent legislation in the US."
For more information visit http://offshoreXplorer.com
About offshoreXplorer.com
Established in 1999, privately-held offshoreXplorer.com serves large and small organizations throughout North America, Europe and Asia with incorporation services, establishing offshore trusts, as well as creating offshore companies aimed at protecting assets, and legally reducing annual taxes.
Ron Z. Mendelson, director of offshoreXplorer.com, is a recognized expert in offshore asset protection strategies, and specializes in wealth & asset protection, international business corporations, worldwide investing, global banking, offshore online gaming, and international e-commerce.
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